President Joe Biden on Sunday issued a statement on the failures of Silicon Valley Bank (SVB) and Signature Bank, insisting that the U.S. financial system is “safe” after the Federal Reserve rolled out an emergency lending program to stabilize the banking system.
It comes after the Federal Deposit Insurance Corporation (FDIC) expanded its deposit insurance coverage at the two failed banks so depositors won’t lose any money.
Biden said in a statement on Sunday that Treasury Secretary Janet Yellen and his top economic adviser Lael Brainard worked with banking regulators to mitigate any potential financial fallout from the failures of SVB and Signature Bank….